In Crested Butte, Colorado, where rising housing costs have put pressure on local residents and workers, a new 34-unit community is expanding the supply of affordable homes.
TWG Development recently celebrated the opening of Mineral Point, bringing studio, one-, and two-bedroom apartments for households earning between 30% and 60% of the area median income to the community.
“Mineral Point addresses one of the most pressing housing needs in the North Valley,” said Erin Ganser, housing director for the town of Crested Butte. “Serving the households who are most vulnerable to rapid increases in housing costs, the development provides an opportunity for our most vulnerable community to live and thrive in Crested Butte.”
Designed by STUDIO Architecture, the development’s shared amenities include a clubhouse with a common laundry area, an on-site property management and leasing office, secure resident storage in each building, and covered bike storage with maintenance tools. Outdoor seating, gathering spaces, and barbecue areas provide places for residents to spend time together.
The all-electric buildings benefit from robust insulation and air sealing, high-performance windows, and efficient heating, ventilation, and lighting systems to support resident comfort while limiting energy demand. Designed to meet Zero Energy Ready Home requirements, Mineral Point has achieved Enterprise Green Communities Plus Zero Emissions certification, recognizing the project’s commitment to sustainable affordable housing.
In addition, connections to nearby bike lanes, paths, hiking trails, and a transit stop give residents convenient ways to reach town and enjoy the surrounding landscape.
“These homes provide an opportunity for local residents and workers to live in the community they call home, strengthening the people and businesses that make Crested Butte such a special place,” said Seth Atkinson, development director at TWG Development. “We’re very proud to have played a part in bringing much-needed affordable housing to Crested Butte, and we’re grateful to our partners who worked alongside us to make Mineral Point a reality.”
The $15.9 million project received federal low-income housing tax credits and other financial support from Colorado Housing and Finance Authority, financial support from the town of Crested Butte, Housing Development Grant funding from the Colorado Department of Local Affairs Division of Housing, and a grant from the Valley Housing Fund.
Red Stone Equity Partners is the tax credit investor, and Horizon Bank is a lender.
The collaboration brings together public investment and housing development expertise to expand access to affordable homes in the Gunnison Valley.